Whether it’s your first investment property or your tenth, your property portfolio is an investment taking you to new heights. One of the ways to nurture your portfolio is to start increasing your rental yield - and there are many creative ways to achieve this. Have you considered what you can do to your own property?
Here are a few things that you can do today to increase your rental yield
Showcase your property furnished
Besides being able to showcase the space in your property to it’s best potential, furnishing your home for rental will appeal to renters looking for a complete package - and if your new renters don’t need the furniture, you can easily store it away for the next time. Some areas are more suited to renting them as furnished - be sure to chat to your property manager when deciding what’s best for your investment. Our team specialises in property management in Sydney and we can best help you decide what decisions are right for your property.
Upgrade to solar
Installing solar panels may just be your ticket to increased rental yields. By making this sort of upgrade, you’re not only saving the environment and contributing to lower emissions, you’re also providing a no or low cost energy bill to your tenants. Your tenants would be saving on not having to pay power bills but you’d be able to add an extra charge to your rental income.
Throw in a couple of extras
Who doesn’t enjoy an extra perk? Tenants love extras that will make their lives easier! Something to sweeten the prospect of living in your home - recently updated bathrooms or kitchen cabinets, or new and updated kitchen appliances such as a dishwasher.
Add more storage
Often a forgotten feature, storage can impact how a tenant settles into their new home. It’s also something that tenants forget to ask about but will always notice if there isn’t quite enough of. Types of storage that you can add to your property include extra cupboards, an extra outdoor storage space or shelving in the garage. Making current storage options more versatile will also help in showing prospective tenants the potential of the property.
